Banks to lose on opportunities if they don't work with fintechs: Axis Bank’s CEO Amitabh Chaudhry

Amitabh Chaudhry, MD and CEO, Axis Bank

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Axis Bank’s Managing Director and Chief Executive Officer Amitabh Chaudhry on August 30 said that it will be a loss on banks if they are not working with the fintech players.

“They (Fintech) are coming up with technologies, products, services, adjacencies, which can make your ecosystem, your interaction with the customer that much more fruitful, powerful, and it will be loss on us if we are not working them,” Chaudhry said during the Global Fintech Fest 2024.

He also said that the journey in the financial world cannot be complete without working with in partnerships with fintechs. Also, in some cases taking some stakes in these fintechs can also help to work in better way.

Further, Chaudhry said that banks also have a desire to look like a fintech in front of the customers who wants to engage with them in a certain way and in many cases banks have realized that they don’t have much resources or the time to do and fintechs can help banks get there.

Going ahead, Chaudhry said Axis Bank will offer a service on its mobile app where customers of other banks will be able to undertake transactions rather than just being able to view the account details as is offered today.

In Axis Bank mobile application, Chaudhry said bank have a feature where customers can not only look at Axis Bank account, but also all the accounts at the same time.

“Soon we are going to add a functionality where you can transact on those account also.” Chaudhry.

He also said that the rising incidence of frauds has made people worried about undertaking banking transactions.

Further, the private lender is running a total of 15 pilots on artificial intelligence and machine learning at present, Chaudhry said, specifying that one of the areas will be in Human Resources where technology will help the bank go through resumes to make hiring easier.